That’s according to the release. It feels like a never ending losing streak.
Does anyone else find the Business and Distribution teams keep losses to themselves and only announce client wins… however small, if at all.
Another large loss in my country… I found out from around the industry and not from anyone in the company.
Haha - they'd better watch out...people are saying they will transfer out their funds after they get laid off. Outflows will only grow - I am sure there are people with 7 figure 401Ks, especially the long timers. Cheap IT workers from international "body shops" like Accenture won't have the IT security knowledge and habits, and you care so much more about your job when you are a part of the company and worked for your job than high turnover cheap labor. I doubt they will spring out of bed as quick as current staff do for 3am Critsits.
@OP Walked out of there a year ago. Best thing I ever did.
@rw I expect to be laid off within the next year - and I too will be pulling my 401k funds from this place and moving elsewhere. Why should I support a company that doesn't support American workers and treats them like cr-p?
@rw Laying someone off can sometimes be the best thing ever. Ride off into the sunset and never think about that dumpster fire place again.
I am one of the laid off employee . I will be moving out my 401k from TRoweprice . I know it is small but not keeping my business there
@ka still has a good investment pedigree. Recent results have eaten away at that but the brand is still considered highly.
@nb let me guess - blaming performance of funds and the Investment teams
@OP might be where I’m at. Losers bleeding both Equity and Fixed Income mandates.
@jx "had" a fantastic investment pedigree. Looks like it has gone missing.
@ba I can’t tell if you’re an id--t, incoherent, sarcastic or all of the above. What are you trying to say?
@ct agree. And Templeton is as cr-p as Legg Mason. TRowe has a fantastic investment pedigree and could be amzing if only Distribution would stop being a bunch of muppets.
@cv yeah T Rowe calibre of investment staff is waaaay better than Legg Mason
@bb you clearly don’t understand the difference between active and passive management, and the margin difference between the two. This isn’t a mutual funds vs ETFs story
@cv I also think the AI bubble will pop. In my own personal use I have seen its flaws. It won't be going away, but I think much money is being put into it and expectations are too high at least for the short term. I am not sure if just more advertising will fix this. The ads have to cover what makes T Rowe different/better than others. None of the ads I saw from T Rowe on TV and around the stadiums did this. Does T Rowe have any sort of app or tools for investors? That seems to be the "hook" for other firms.
Other firms seem to be for seasoned investors. Perhaps if T Rowe built an environment where newer investors could be walked through all of this it could get people's attention. I know I am intimidated by self-driven investment tools. If T Rowe keeps gutting their IT staff and competent developers for Accenture hacks though, I could see this flopping. Who wants to use something is bad as ServiceNow2 for investing. Oh well, I will be replaced soon, onto the next company for me.
@ct also the idea that Legg Mason was higher caliber than T. Rowe is crazy talk. T. Rowe still has high quality product franchises that are attractive to institutional clients. It’s just that in a speculative market that keeps going up, up, up, clients think they can do better for cheaper. When the AI bubble pops—and it will—it’s crucial that T. Rowe outperform while passive melts down. I think that’s probably the best way we get back on track—that and really improving our marketing and brand awareness with retail clients.
@bb Legg Mason was asset stripped by Nelson Peltz for a decade before being sold to Franklin Templeton. That deal was essentially a merger of equals, they had nearly twice the the 2025 outflows of TRP with less AUM and are truly a sinking ship.
T. Rowe needs a buyer, and all of you should be looking for work. Legg Mason was also an asset manager, but higher caliber, and adapted to changes in the industry for the sale to Franklin Templeton. T. Rowe remained with mutual funds when the tide shifted towards ETF's and has fallen behind its competitors, clearly reflected in outflows and poor earnings. It's a poorly run firm, and everything should be done to prep it for a sale to a bigger firm seeking assets.
T. Rowe is no longer relevant, they are not serious about hiring those with disabilities, and as a result, the business is underperforming from poor management. At some point the firm will be sold and dispersed, with many layoffs. I honestly look forward to that headline.
@OP Watch it continue to fall apart. The company is getting what it deserves with these outflows. Just feel sorry for those innocent people that are impacted by the layoffs. Hopefully the Sharpster and his sidekicks sleep well at night knowing they destroyed a once good company.
Now, when I watch ads from Schwab or Fisher Investments, when they show some shady rep from "the other guys" (other inv firms), I identify as working for the "other guys". It is sad. And what about those steering this ship? Us low level people who grind out the work despite shrinking budgets, shrinking teams, garbage help desk, while stressed out about the next round of layoffs are carrying the entire burden. The Captains are smiling, carrying on about "AI" and yucking it up with Accenture managers about "their partnership" yet the torch never seems to touch them. Believe me, if me in my role could come up with a solution for this outflows problem I would...I can't though and am waiting for my "punishment" for stuff I did not cause. I used to see T Rowe commercials on TV they seem to have dried up. Probably didn't bring in any business. Oh well, enjoy the long weekend folks - try and enjoy this weather we need it.
@aj Definitely. And criminally, sales continue to collect large salaries and bonuses because they are measured on gross sales rather than net, which is ridiculous. Doesn’t matter how much you bring in if we are losing more than we are taking in. They also aren’t doing anything to actually earn those gross sales: most of them are for products that are so popular and performing well they sell themselves, and it is investments and the portfolio specialists who are holding the actual sales meetings and finals pitches that bring results. The only thing salespeople do is open an alert email with a list of asset searches and then email someone about it. That’s if they even open the email on time instead of not checking their inbox until the search deadline is almost past.
When I came to this firm, it felt so solid - best practices out the ying yang. Smart people. Smart decisions. What TH happened? As word gets around exactly which associates have left or are selected to leave, it becomes more puzzling at the caliber of people they are getting rid of...and in cases where they are replaced by a foreigner who can't do the job without weeks of "training", it is confusing what the end game is. Whittling down to a skeleton crew and in some cases replacing top talent with Temu quality workers - how is any of this actually supposed to fix anything? I feel like this is a sell off more than a company that wants to make innovations and reverse this? As time goes on it is becoming clearer no recovery will be happening, only assets being moved off to bigger players.